Oppenheimer Fined for Unsuitable Sales of Exchange Traded Funds (ETFs)

Stockbroker Law - Tuesday, September 27, 2016
Oppenheimer Fined for Unsuitable Sales of Exchange Traded Funds (ETFs)

The Financial Industry Regulatory Authority (FINRA) announced on June 8, 2016 that it fined Oppenheimer & Co., Inc. $2.25 million and ordered the firm to pay restitution of more than $716,000 to customers who were sold leveraged, inverse and inverse-leveraged exchange-traded funds. The essence of the complaint filed by FINRA was that these risky ETFs were sold to retail customers without reasonable supervision and that these non-tradition ETFs were not suitable for the retail customers involved there.

FINRA also determined that Oppenheimer failed to conduct due diligence regarding these risky ETFs which were solicited and sold to several elderly retail customers with an overall conservative investment objective.

We offer a free initial consultation to retail customers who have been sold and sustained unnecessary losses in leveraged, inverse and inverse-leveraged exchange-traded funds (ETFs). For an appointment contact the Law Offices of Timothy J. O'Connor at (518) 426-7700.

Recent

Blog Posts

Blog Post

Archive

Investment & Broker
Misconduct

Investment Misconduct

Whistleblowers
 

Whistleblowers

Private Company
Disputes

Private Company Disputes

Personal
Injury

Personal Injury